Bitcoin Cash price analysis: BCH/USD price falling within a descending wedge at some pace within 4-hour chart
- A descending wedge is in view on the 4-hour time frame, dictating price action.
- Bitcoin Cash has lost 75% from record highs in December 2017.
The Bitcoin Cash price is nursing some losses of around 5% In trading on Wednesday, the price momentum is continuing with a firm bearish trend. Most of the major altcoins are moving in lock-step, there are similar areas of key support that are see across the board.
Bitcoin Cash is down around 75% since the record highs in December 2017, where it printed around $4,100, before then entering into a bear market. Looking over the more longer term time frames, it can be seen that the bear market hasn’t really lost much momentum.
Technically, within a 4-hour time frame, a descending wedge can be seen, which the price has respected since the middle of February. Next support is eyed at $900, which would see the below trend line, as part of the wedge pattern. Resistance remains respected at the above trend line, tracking around $1,050.
BCH/USD 4-hour chart
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Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
